The present invention relates generally to computer-based money management systems for users and, more particularly, to the management of financial resources through the allocation of resources to defined accounts in an automated, computer-based system.
Financial accounting is well-known to those skilled in the art. Accountants have been used by individuals and businesses to manage financial resources over the years. The development of the personal computer for every day use has allowed the simplification of personal and business accounting by a user. Such financial accounting programs include Quicken® by INTUIT, of Menlo Park, Calif., and Money® by Microsoft, of Redmond, Wash. These programs are well-known and provide the every day user with simple yet robust accounting means for tracking one's financial resources.
For example, both Quicken® and Money® offer account management services for managing one's checking account, savings account, and money market funds. These services also provide a user the ability to perform on-line banking services with their respective financial institution. Thus, utilizing either of these programs, a user can provide bill paying options and account recordation of transactions performed by the bank without having to receive an end-of-month financial statement from the financial institution. This allows the user to keep an up-to-date record of his or her financial transactions. These transactions can include checks written, credit card bills paid, deposits to retirement accounts, automatic bill payment options, and the like.
Both these programs also provide a rudimentary budgeting system that allows a user to see where his or her money is invested or spent. A user can establish his or her own budget, which may be followed for financial discipline; however, the resources used to cover the budget typically are drawn from a single source or a few sources of revenue. An end of period, such as week, month, quarter, year, statement is provided for how that revenue had been allocated for different groups of financial interests to generate a budget allocation after funds have been drawn from but one or two sources. Thus, a user can establish a budget to follow, but the discipline of having a budget is not felt until a reconciliation of funds distributed during a given period is made with an accurate accounting of payment and distribution is done. Only then does the user see whether he or she has been disciplined enough to follow the budget. This is because current budgeting system fail to allocate resources in a manner that forces the user to use the budget and achieve financial discipline.
Accordingly, what is needed is an automated resource and financial allocation system that instills greater financial discipline upon a user when desiring to follow a given budget prepared either by the user or by another in behalf of the user.